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JCLPA

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Posts: 1
Reply with quote  #1 
I have found the following information for the failure to file penalty for 1120s, as found on IRS.gov: 

Late filing of return.
   A penalty may be charged if the return is filed after the due date (including extensions) or the return doesn't show all the information required, unless each failure is due to reasonable cause. See Caution, earlier. For returns on which no tax is due, the penalty is $195 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due. If tax is due, the penalty is the amount stated above plus 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax.

The big question is whether or not this penalty is retroactive to March 15th if the return is not filed by the September 15th extension deadline? 


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